Are you financially free?

How to regain control of your finances.   

Car break down? Need a new dishwasher? Want to renovate? Don’t be held back from doing what you want with your money - you’ve earned it. Take control and follow these few tips to get back your financial freedom.

Living Paycheque to Paycheque

Don’t know where your money goes every month? Everyone lives paycheque to paycheque at one point. Long term, this style of living doesn’t cut it. There’s no room for new clothes, outings with friends, or emergencies. How do you get out? Start with a budget.

Cutting Costs

Making a budget may seem elementary, but it works. Write out your expenses and identify where costs can be trimmed. Go out with friends during happy hour, go to the movies on a discount night, and take a page from granny by using coupons at the grocery store. There's usually always a cheaper option. Did you know that banking fees cost anywhere from $10-20 per month? That’s $120-420 per year! Get a free chequing account like No Fees For Me^TM. That’s right, no fees. Cutting a few simple costs can save you an extra $50-100 per month, which could be put towards debt or savings.

Paying Down Debt

Debt happens. If you have a loan, credit card, line of credit or all three, the first step is to consolidate. Look at the interest rates. The average credit card rate is 18%. If you’re part of favourite department store's credit card program, you’re probably paying closer to 30%. Yikes! Consolidation loans have low rates and specific payment plans to get you out of debt.

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Treat Savings Like A Bill

Do you always pay your bills on time but can’t seem to save a penny? Treat your savings like a bill. With all those costs you've cut, you can start with $50 per month. That’s $600 per year! Open an interest building savings account and make that $600 work for you.

On the right track

Now that you’re sticking to your budget, cutting costs, paying down debt and even saving a little, what’s next? Have you begun contributing to your Registered Retirement Savings Plan? Contribute and get some great tax breaks. What about investing in something else? Have you ever heard of Responsible Investing? Learn the basics about investments that benefit the earth and your community.

Ask for help

If this isn’t enough to get you on track, talk to us. We’re here to help. As a credit union, our personal bankers take a special interest in removing barriers to banking and creating financial freedom for everyone in the community. Book an appointment today to start saving today.

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